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Insane.
The reason it's hard for me to grasp the whole idea, is also the fact that for example in Poland, you go to Gumtree (or their equivalent) and there is more fakes than genuine watches. There are sellers with which you can order replicas and it's not just Rolex. You can get anything... I've seen watches like JLC Master Compressor Chronograph. That is not exactly the wealth portraying piece in a non-watch world, is it?
PawG
I guess I'm a little less surprised than you.
I once met a guy in Miami who spent 70% of his after tax income on a timeshare of a yacht. He had a fake Rolex on his wrist and lived in a run down apartment out of town. When I asked him why he spent so much money on the right to use a yacht (while moored as he couldn't afford fuel) for a few hours each month, he told me that he just wanted to look successful and if he looks successful he will become successful.
Extreme example but its a mindset that is more widespread than you might think. Miami is probably the global hotspot for it.